Welcome to our dedicated page for New America Energy news (Ticker: neca), a resource for investors and traders seeking the latest updates and insights on New America Energy stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect New America Energy's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of New America Energy's position in the market.
New America Energy Corp. (OTC PINK:NECA) reported strong financial results for the period ending May 31, 2022. Gross revenue surged nearly 40% year-over-year, from over $10.6 million in 2021 to almost $14.8 million in 2022. Gross profit for the same period increased by approximately 33%, from around $1.25 million to nearly $1.65 million. Notably, gross profit for the nine-month period almost doubled, rising 100% from approximately $2.7 million to about $5.3 million.
New America Energy Corp. (OTC PINK:NECA), through its subsidiary Third Bench, is involved in developing a 300-acre Netflix production facility in Albuquerque, New Mexico. The project, which is part of Netflix's expansion, is expected to create 1,000 production jobs and generate $1 billion in production spending in the state. Third Bench's commercial division will supply millwork products for this facility. With projected revenues of $30 million for 2022, Third Bench is on a growth trajectory, supported by strong regional housing demand.
New America Energy Corp. (OTC PINK:NECA) announced a 90-day standstill agreement with its convertible preferred shareholders. This decision aims to enhance shareholder value while the company focuses on acquiring additional assets and increasing revenue. CEO David Fair emphasized the importance of this strategy, stating that revenue is projected to rise and new acquisitions are being pursued in Utah, Arizona, and Texas. Third Bench, a subsidiary of NECA, is on track for $30 million in revenue for 2022 and is currently cash flow positive.
New America Energy Corp. (OTC PINK:NECA) reported a strong financial outlook for 2022, revealing a combined backlog of $9.7M. The commercial backlog increased by 17% year-over-year, totaling $4.8M, with expectations for $548K in April and $770K in May. The residential backlog stands at $4.9M, expected to grow significantly within the next 60-90 days. The company is on track for a revenue run rate of $30M for 2022, benefiting from high market demand and pricing opportunities due to low housing inventories.
New America Energy Corp. (OTC PINK:NECA) has submitted a Letter of Intention to acquire a leading cabinetry manufacturer in Phoenix through its subsidiary, Third Bench Holdings. The target generated approximately $7.7M in annual revenue in 2021 with $1.5M net income, and it is expected to generate at least $10M in 2022. This acquisition aims to enhance Third Bench's revenue to over $30M and improve price competitiveness in the multi-family sector by supplying proprietary cabinets.
New America Energy Corp., now set to rebrand as Third Bench, aims to consolidate the kitchen and bathroom cabinetry industry, targeting $50 million in revenue for 2022. Currently on track to achieve $30 million, the company plans strategic acquisitions in key Southwestern markets. Management anticipates significant profitability improvements by year-end, aided by recent price increases and expense reductions. Notably, the company has yet to raise capital through its Reg-A offering, which will support its growth and acquisitions.
New America Energy Corp. (OTC PINK:NECA), soon to be renamed Third Bench, has launched its new ceiling and wall tiles, successfully installed at Freedom High School in Oakley, CA. The company's CEO, David Fair, reported a remarkable increase in demand, with over $400,000 in sales booked for January alone. This new product line has transformed from an afterthought to a core offering, contributing to a revenue run rate of over $24 million in 2021. Third Bench focuses on cabinetry and millwork across the Western U.S., with a positive financial outlook that includes a cash flow positive status.
New America Energy Corp. (OTC PINK:NECA) announced its rebranding to Third Bench, a leading supplier in kitchen and bathroom cabinetry and countertops. The company reported over $24M in revenue for 2021, establishing itself among the top woodworking manufacturers in North America, as recognized by the FDMC 300 list. CEO David Fair expressed ambitions to enter the top 100 within 18 to 24 months, citing strong demand in the housing sector. Third Bench, which operates five subsidiaries, is also cash flow positive and focused on strategic acquisitions.
New America Energy Corp. (OTC PINK:NECA) is set to change its name to Third Bench, focusing on kitchen and bathroom cabinetry. The company's recent financial updates indicate that only one of its four operations contributed to its fiscal year-end results, with significant revenue expected from acquisitions in upcoming quarters. Management anticipates a total annual expense reduction of $1.0M - $1.25M due to various operational adjustments and plans for a price increase to offset rising costs. The company reported a revenue run rate of $24.0 million for 2021.
FAQ
What is the market cap of New America Energy (neca)?
